Canyon picks up Ethiopian licence

Canyon Resources (NASDAQ) has acquired another exploration licence in the Adola gold belt, this one north of the Lega Dembi gold mine in southern Ethiopia.

The Meleka Abeba licence was issued to the company’s 90%-owned subsidiary, Canyon Resources Africa, and is valid for three years with a possible 2-year extension. Canyon must spend US$250,000 exploring the 108-sq.-km. property.

Artisanal miners have found gold in stream gravel in the Meleka Abeba area and Canyon is looking for the bedrock source of the alluvial deposits.

In February, Canyon formed a joint venture with South African-based JCI covering Canyon’s exploration licences in the East African nation. JCI will fund the first US$1.5 million in exploration expenditures per licence to earn a 51% interest.

Canyon also owns the Megado Serdo exploration licence, south of the Lega Dembi deposit.

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